Word: tariffs
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...world prices drop. The proposal is to guarantee domestic producers a price around the present $10 or $11 per bbl. for new oil pumped out, guarantee equivalent prices to investors in new energy projects such as coal gasification(thus increasing domestic energy production), and perhaps place a variable tariff on imported oil so that it would still cost U.S. industry and consumers $10 or $11 per bbl., even if the Persian Gulf producers sell it for less. This would cut demand and increase the supply of oil outside the OPEC (Organization of Petroleum Exporting Countries) nations and force them...
Under the agreement, the U.S. will extend to the Soviet Union and six other Communist nations in Eastern Europe* the same tariff terms that most other nations get in the U.S. market. American tariffs on imports of Soviet goods, such as linens and plywood, will be lowered from about 40% to 10% or less. But those concessions can be revoked unless the Communist countries permit freer emigration by dissident minorities, notably Soviet Jews. Moscow may let out 60,000 emigrants of all kinds each year, almost twice the current rate...
Passage of the omnibus bill should spur U.S. trade with many nations outside the Communist bloc as well. Ever since key provisions of the 1962 Trade Expansion Act expired seven years ago, the White House has lacked the authority to negotiate tariff changes. The new bill grants the President unprecedented power to raise or lower tariffs and negotiate other trade concessions. Its enactment should vitalize the round of trade-reform bargaining among scores of nations that officially began in Tokyo in September 1973 but that has been marking time until the U.S. Administration got the authority to conclude new agreements...
...with the Export-Import Bank to approve a $180 million loan for eight Soviet ammonia fertilizer plants and the attendant gear to move the fertilizer to distribution centers. Partially because of the Jackson amendment, however, Nixon has not been able to deliver on his other promises for loans and tariff concessions. "My firmness has resulted in some movement," Jackson says, defending his stand. "The only real charge against me is that I believe in driving a hard bargain. If I had followed a soft line, there would have been no Jewish emigration...
Though many economists found Snedden's patchwork anti-inflation package of wage-price controls an unconvincing program, his emphasis on money matters put Whitlam on the defensive. Only midway through the campaign did Labor regain the initiative by pointing to its own inflation suppressants: a combination of tariff cuts and an upward revaluation of the Australian dollar. "It's possible to freeze meat and vegetables but not their prices," snorted the Prime Minister, knocking down the ON SERVICE idea of a wage-price freeze...